Reserve Bank of New Zealand (more…)

But it is not a member of the Banking Association Te Rangapū Pekē, whose member banks promise to reimburse fraud losses for customers who were not dishonest or negligent, complied with their banks’ terms and conditions for electronic banking or card use, and took reasonable steps to protect their banking.

“The Commerce Commission will determine the scope of the market study. Banks are open and transparent and will participate fully in the areas the Commission wishes to look at.”

“To address this properly we need all parties involved including, for example, global tech companies, telcos, internet service providers, government agencies, dispute resolution services, and consumer representatives and advocates.” Matching accounts and names with the customer’s intended recipient had privacy implications that would need to be overcome, Beaumont said.

Banking Association Te Rangapū Pēke chief executive Roger Beaumont sought to cast the issues raised as being caused by anti-money laundering laws.

“Each bank also has its own risk management and lending policies and will assess each loan application within that framework. One bank’s risk appetite may be different from another so it’s worth shopping around.”

With interest rates rising sharply to combat inflation and the cost of living, combined with severe flooding and cyclone damage in the North Island, the first half of 2023 has been eventful to say the least. While some commentators are saying the cost of borrowing appears to have peaked, what lies in store for consumers in the second half of the year, and how are banks helping?

“Depending on the circumstances involved, options may include temporarily moving to interest-only repayments, or restructuring the loan over a longer term to reduce regular repayment amounts.”

The head of the Banking Association, Roger Beaumont, said many households had cushioned themselves from the impact of rising rates and a slowing economy by getting ahead in mortgage repayments.

Climate Change Commission (more…)